Materials by tag Lithuania

The Ministry of Finance of the Republic of Lithuania has announced on Wednesday, June 6, brand-new guidelines regulating the country’s crypto market. They consist of four main parts, namely regulation, taxation, accounting, and Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT).

Virtual Limited Liability Companies (VLLCs) working on blockchain technology will be launched in Lithuania. The country considers the possibility of allowing entities from different parts of the world to register and operate their fintech companies there. A draft has been already processed by the Lithuanian Centre of Registers.

Lithuania is confidently keeping pace with the newest trends in the global financial market. United Colors of Benetton implemented in their Lithuanian franchise a new payment option, which includes digital currencies such as bitcoin, ethereum, dash, steem, and many others, as a recently released video showed.

The bank of Lithuania announced on Tuesday its determination to release a new cryptocurrency in order to celebrate the hundredth anniversary of the country. For developing a crypto coin, the blockchain technology or other similar software programs will be used.

Two Bitcoin ATMs had been working in Lithuanian shopping center GO9, but the State Tax Inspectorate of Lithuania (Valstybinė mokesčių inspekcija - VMI) asked the owner company to shut them down. The authorities explained that the ATM can’t work on the financial market until they have appropriate certifications.